DMP Plan

nctarheelfans · May 7, 2007

Girl who I have been living with, errrr banging just told me that she is in some serious debt. She has close to 35K in debt. I could possibly see a ring in the future even though she has this debt.

Option A)
Sign her up for one of those Debt Management Programs where this agency basically sets up programs with all the creditors and she pays the DMP a flat fee eachmonth Disclaimer: I know this would affect her credit, but how bad????

Option B)
She pays what she can to the credit card companies while her interest rate with them continues to skryocket to close to 25% with each card.
She continues to fall further behind with the credit card companies meanwhile her credit goes to shit.

Her credit for the time being will be tarnished either way. It's just a matter of what one is the lessser of the two evils.

What is the better option??

Thanks

WorldNumberOne · May 7, 2007

C

Run and hide...

bigtendominator · May 7, 2007

First of all is she deliquent on the cards. If she is, the best thing is don't pay now. Save up cash and settle at about 50% with them in 18-24 months.

I am not familiar with those debt programs. However, if she is not behind on any of the cards, try and start paying them off. Do not settle or go debt management. Cut out all expenses. Pack a lunch don't do a damn thing until her debt is paid of.

bigtendominator · May 7, 2007

Her credit for the time being will be tarnished either way. It's just a matter of what one is the lessser of the two evils.

Credit won't be ruined, but will be difficult to get funds for anything.

Does she owe on several cards or a just a couple or what?

nctarheelfans · May 7, 2007

She has already had 2 cards go to collection agencies. She doesn't nor would she have the funds in the next 6 months to pay this off.

She probably has an extra 750-1000 per month. She got a quote from one of the debt management companies that said she could pay off the 30K+ for $800 over a 3 year period

bellyputter · May 7, 2007

Make sure you wear a glove.

Anonymous1 · May 7, 2007

bigtendominator · May 7, 2007

That is not bad. However, how is it reported on her credit report? Is it listed as a settlement in full or partial. That is very important. 50% payoff with credit card company would be considered a settlement.

Based on the numbers you said, that is not bad, it comes out 30K, but the other way you can pay half of $35K possibly.

nctarheelfans · May 7, 2007

Anyone else want to chime in?

Thanks in advance!

GameBreaker · May 7, 2007

DMP is a good idea, assuming she knows she can afford the payments. However, use a reputable service, where I live Lutheran Social Services is a legit service who has relationships with many creditors.

This doesn't mess up your credit as bad as you think because you are paying off your debt, you are not trying to settle. Credit card companies will lower her rate considerably because she is willing to pay it off and go through a reputable agency.

Timetopay · May 7, 2007

Dude how bout manning up and helping her pay them. You ever think of that?

Doug · May 7, 2007

<TABLE cellSpacing=0 cellPadding=0 width=629 border=0><TBODY><TR><TD colSpan=3>'Selling my eggs could clear my debts'

</TD></TR><TR><TD vAlign=top width=416><TABLE cellSpacing=0 cellPadding=0 width=416 border=0><TBODY><TR><TD vAlign=bottom>By Rachel MacManus
Inside Out
</TD></TR></TBODY></TABLE>

<TABLE cellSpacing=0 cellPadding=0 width=203 align=right border=0><TBODY><TR><TD>

Alexandra hopes to be able to pay off her debts

</TD></TR></TBODY></TABLE>One in six British couples struggles to have a baby.
Often it is because the woman is not producing her own healthy eggs and one solution is to use eggs donated by someone else.
The problem is the shortage of voluntary donors who are willing to give their eggs for free.
So if someone is prepared to sell their eggs for thousands of pounds, there are plenty of willing buyers.
<TABLE cellSpacing=0 cellPadding=0 width=208 align=right border=0><TBODY><TR><TD width=5>

</TD><TD class=sibtbg>

It just sounds a good idea - easy money really - and it helps someone out

Alexandra Saunders

</TD></TR></TBODY></TABLE>
Alexandra Saunders from High Wycombe has advertised her eggs on the internet. She hopes to make some money to pay off credit card debt.
She says: "I'm 25 and I've got three jobs - one in an office in the day, two in pubs. I work five nights a week, I'm in quite a bit of debt and I just want to get it paid off really."
An article in a magazine gave Alexandra the idea of selling her eggs. "I was sat in a doctor's waiting room and I read about it in a magazine. It just said 'sell your eggs for thirty grand' or something like that. And I went and put my name down on a couple of websites. "It was saying about girls coming from Britain and going to America and selling their eggs. It just sounds a good idea -
</TD></TR></TBODY></TABLE>

nctarheelfans · May 7, 2007

Doug said:
<table border="0" cellpadding="0" cellspacing="0" width="629"><tbody><tr><td colspan="3">'Selling my eggs could clear my debts'

</td></tr><tr><td valign="top" width="416"><table border="0" cellpadding="0" cellspacing="0" width="416"><tbody><tr><td valign="bottom">By Rachel MacManus
Inside Out
</td></tr></tbody></table>


<table align="right" border="0" cellpadding="0" cellspacing="0" width="203"><tbody><tr><td>

Alexandra hopes to be able to pay off her debts

</td></tr></tbody></table>One in six British couples struggles to have a baby.
Often it is because the woman is not producing her own healthy eggs and one solution is to use eggs donated by someone else.
The problem is the shortage of voluntary donors who are willing to give their eggs for free.
So if someone is prepared to sell their eggs for thousands of pounds, there are plenty of willing buyers.
<table align="right" border="0" cellpadding="0" cellspacing="0" width="208"><tbody><tr><td width="5">

</td><td class="sibtbg">

It just sounds a good idea - easy money really - and it helps someone out

Alexandra Saunders

</td></tr></tbody></table>
Alexandra Saunders from High Wycombe has advertised her eggs on the internet. She hopes to make some money to pay off credit card debt.
She says: "I'm 25 and I've got three jobs - one in an office in the day, two in pubs. I work five nights a week, I'm in quite a bit of debt and I just want to get it paid off really."
An article in a magazine gave Alexandra the idea of selling her eggs. "I was sat in a doctor's waiting room and I read about it in a magazine. It just said 'sell your eggs for thirty grand' or something like that. And I went and put my name down on a couple of websites. "It was saying about girls coming from Britain and going to America and selling their eggs. It just sounds a good idea -
</td></tr></tbody></table>

Her eggs have already been used for multiple omlettes. I don't think this is an option.
:monsters-

fhmesq44 · May 7, 2007

does she get 0% balance transfer offers in the mail for new cards? If so, take advantage of all of them, transfer as much as she can and pay it off, when the 0% is up, transfer it again to a new one and cancel that card. This shows up on your report and you get hit a little for rotating debt and too many openings and closings, but it is nothing compared to what it will do to her credit the other way.

nctarheelfans · May 7, 2007

The last credit card she received gave her a credit limit of $300.

I dont think thats an option. She will either have to pay the credit card companies/collection agencies (for those that turned them over) or a DMP.

I just don't have the experience to tell her which is the right way.

Timetopay · May 7, 2007

So i guess you helping her is to much to ask huh

nctarheelfans · May 7, 2007

I don't want her to think I'm gonna bail her out everytime.

I think she needs to learn something from this experience.

GameBreaker · May 8, 2007

tell her to do the DMP.

and timetopay, why the hell do you seem so positive that him bailing her out is the best idea?? What the hell will she learn from that? People that make mistakes like this need to get themselves out of them, not expect the guy they are fuckin to take care of whatever.

WVU · May 8, 2007

If you are going to marry her then tell her not to pay a dime and let her credit go to shit. You only need to have one person in the marriage to have good credit. Keep her as an authorized user on your cards and eventually she will build her credit back up.

Her credit is unimportant as long as you have great credit if you are married.

steaktartar · May 8, 2007

we are probably gonna need a photo of her or it will be difficult to help you

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